Hard-Working Versus Lazy Forex Traders

Everybody starts learning and trading forex at a different stage of his/her life. Almost all forex traders already had a full time job and forex trading is not the first job for all forex traders. It means we start learning and trading forex while we already have some experiences from the other jobs that we had and it is where the problem comes. Hardworking is one of the most important conditions in any job. The harder you work, the better result you get. But is this also true in forex trading?

The answer is no. In fact, forex trading is a job for lazy people. Hardworking in forex trading can be ended to loss. Forex trading is simpler than what we think, but we are used to make it really hard by trying to make money from a market that has not formed a trading opportunity yet. Based on our past experiences, we think we should spend several hours everyday in front of the computer, not to miss any trading opportunity. We also think that we should work with the smaller time frames to take the advantage of any up and down that the forex market has, but these are all wrong.

In forex trading, we should be smart but not hardworking. The only part in forex trading that can be considered as the hard part is that we analyze and monitor several currency pairs which is something that I agree, but spending several hours in front of the computer and analyzing the small time frames like 5min chart is not a good idea and will not make a living for you as a forex trader. Forex trading needs peace of mind and balance. When you spend so many hours at the computer waiting for the trade setups, you lose your balance and then you make mistake. Your mind realizes you that a trade setup is formed. You think you have predicted the direction of the market and as you do not want the hours that you have spent in front of the computer to go down the drain, you just take a position. Such a position is usually a losing position, because it is taken based on the emotions and illusions, not based on the signals and trade setups.

The bottom-line is if you like to cut your losses and become a profitable forex trader, you should work with the bigger time frames, you analyze the market for one hour everyday, if there is any forming trade setup, you set your alarm clock for the candlestick close and then come back and check the market to see if the trade setup is formed or it needs some more time. This is what Forexoma members and I are doing on a daily basis and we are so happy with the result. You learn how to make the maximum profit through spending the optimum time that you need to spend for analyzing the forex market. You learn how to wait for the best trade setups and ignore the opportunities that can be ended to loss. Of course in our intraday trading program, we work with 15min chart, but as it is based on a well-developed and precise trading system, we do not have any problem.